Enapter AG (HAM:H2O) E10: €-4.76 (As of Dec. 2025)


HAM:H2O Enapter AG HAM:H2O
55 GF Score
Price €1.25
GF Value €3.64
Valuation Possible Value Trap
! 8 Warning Signs
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What is Enapter AG E10?

Enapter AG HAM:H2O +4.62% 55 E10 is €-4.76 as of Dec. 2025. GuruFocus rates HAM:H2O with a GF Score™ of 55/100 and a GF Value™ of €3.64 (Possible Value Trap). The stock has 8 warning signs investors should review.

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Enapter AG's adjusted earnings per share data for the fiscal year that ended in Dec. 2025 was €-1.080. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is €-4.76 for the trailing ten years ended in Dec. 2025.

Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

As of today (2026-06-29), Enapter AG's current stock price is € 1.245. Enapter AG's E10 for the fiscal year that ended in Dec. 2025 was €-4.76. Enapter AG's Shiller PE Ratio of today is .


Enapter AG  (HAM:H2O) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Enapter AG E10 Related Terms


Enapter AG E10 Historical Data

* Premium members only.

The historical data trend for Enapter AG's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Enapter AG E10 Chart

Enapter AG Annual Data
Trend Dec07 Dec08 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 -4.76

Enapter AG Semi-Annual Data
Jun09 Jun11 Jan17 Jul17 Jan18 Jul18 Jan19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
E10 Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 -4.76

HAM:H2O vs GEV, ETN, PH: E10 Comparison

For the Specialty Industrial Machinery subindustry, Enapter AG's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Enapter AG Shiller PE Ratio vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Enapter AG's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Enapter AG's Shiller PE Ratio falls into.


HAM:H2O
55GF Score
Enapter AG HAM:H2O
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Enapter AG E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Enapter AG's adjusted earnings per share data for the fiscal year that ended in Dec. 2025 was:

Adj_EPS=Earnings per Share (Diluted) /CPI of Dec. 2025 (Change)*Current CPI (Dec. 2025)
=-1.08/129.3606*129.3606
=-1.080

Current CPI (Dec. 2025) = 129.3606.

Enapter AG Annual Data

per_share_eps CPI Adj_EPS
200712 -19.594 91.146 -27.809
200812 -4.088 92.173 -5.737
201812 0.000 104.217 0.000
201912 0.000 105.818 0.000
202012 -1.205 105.518 -1.477
202112 -0.372 110.384 -0.436
202212 -0.500 119.345 -0.542
202312 -0.255 123.773 -0.267
202412 -0.735 127.041 -0.748
202512 -1.080 129.361 -1.080

Add all the adjusted EPS together and divide 10 will get our e10.

Frequently Asked Questions Learn more about E10 →
What does a E10 of €-4.76 mean?
Enapter AG (HAM:H2O) has a E10 of €-4.76 as of Dec. 2025. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Enapter AG and its competitors.
Is Enapter AG's E10 too high?
Enapter AG's current E10 is €-4.76. Overall, Enapter AG has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Enapter AG's E10 compare to GEV and ETN?
Enapter AG's E10 of €-4.76 can be compared against companies in the Industrial Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good E10 for an Industrial Products company?
A good E10 depends on the Industrial Products industry context. However, E10 should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high E10 mean?
A high E10 can signal that a stock is expensive relative to its fundamentals. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Enapter AG and its competitors. Enapter AG's current E10 is €-4.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Enapter AG stock overvalued right now?
Based on GuruFocus' analysis, Enapter AG (HAM:H2O) is currently considered Possible Value Trap. The stock's GF Value™ is €3.64, compared to a current price of €1.25 — trading 65.8% below its estimated fair value. The current E10 is €-4.76. Enapter AG's overall GF Score™ is 55/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is E10 calculated?
E10 is calculated from a company's financial statements. For Enapter AG (HAM:H2O), the current E10 is €-4.76 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Enapter AG (HAM:H2O) Overvalued in 2026?

Based on GuruFocus' analysis, Enapter AG stock appears to be undervalued. The current stock price of €1.25 is trading 65.8% below its estimated GF Value™ of €3.64. GuruFocus considers Enapter AG to be Possible Value Trap.

Key valuation signals for HAM:H2O:

  • E10: €-4.76
  • GF Value™: €3.64 vs. price of €1.25 (65.8% below fair value)
  • GF Score™: 55/100 with 8 warning signs

No single metric tells the full story. See the HAM:H2O stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Enapter AG Business Description

Other Exchanges H2O:Germany
Address Reinhardtstr. 35, Berlin, BB, DEU, 10117
Enapter AG is engaged in research and development in the field of hydrogen systems with a focus on electrolysis, project management in Renewable Energy Systems and Smart-Grid Technology, software development for Smart Grid, Smart Energy and Industry 4.0 and Internet of Things (IoT), and manufacturing and production, design, planning, trading and resale of electrolysers and similar products and related software and control systems. Specifically, the Enapter Group develops and manufactures patented electrolysers based on Anion Exchange Membrane (AEM) technology. the Group had only one reportable segment which is the design and production of hydrogen generators based on patented anion exchange membrane electrolysis (AEM electrolysis) and pursues.
55GF Score

Get the complete analysis for HAM:H2O

E10 is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€1.25
Price
€3.64
GF Value